The Indian rupee opened with a marginal gain of 6 paise at 65.40 per dollar on Monday versus Friday's close 65.46. Pramit Brahmbhatt of Veracity said, “The rupee will trade with a positive bias on the back of positive cues from the equity market and strong FII inflow. The trading range for the USD-INR pair is seen between 65.20-65.80/dollar.”
The dollar stayed on the defensive with bulls still nursing a grudge after the Federal Reserve's rate guidance last week proved to be less "hawkish" than many had wagered on.
There was scant reaction to the group of 20 meeting over the weekend which retained the familiar form of words on currency intervention but dropped a pledge to avoid trade protectionism.